www.iva.co.uk

Hi, not sure if anyone can offer some advice. We completed our IVAN 2 years ago but still have another 2 years before our credit rating is clear. We need to buy a car and just wondered if anyone has used money barn? They have gone through the check and said they can help us on what they call a tier one credit rating which they said should be about 18%. Does anyone have experience of this and what sort of apr did you get?

Moneybarn are fine ... They are lenders who will help those with past credit issues ... Yes you pay slightly more but you will struggle to find anyone better.

Thank you for replying. Is 18% the sort of apr I should be getting or should it be lower/higher?

Its about right ...go for it !

I can vouch for moneybarns customer service, we used dunctons to lease a car and moneybarn took over dunctons. At the end of the lease we bought the car and the people we spoke to were professional and friendly,

I believe moneybarn now offer finance rather than leasing and you can choose a car of your choice. The rating will be higher than normal, but it's a good way of getting a car with a good company,

There was a representative from moneybarn posting on here , hopefully they still look in and can offer advice.

Thank you. I am very very torn and actuslly quite petrified about getting finance again but our 10 year old car which is worth about £900 needs a new cat and we have been quoted £500. Wehave the money to get it fixed but i am not sure about paying out thst on such an old car. I am sticking to my budget and do not want to spend more than £165 a month and we have a £1000 deposit but i am just a bit edgy. We were told by ford finance that we would get through their checks no problem and haggled for a week to geta good price from £208 a month to £165 a month but we were refused and i am driving around with a car that has the engine malfunction light on and been told not to put my foot down too much. We need to make a decision this weekend. It just frightens me when i see how much we have to pay back over the amount borrowed.

How much is the monthly payment with moneybarn and over how long? Its all down to what you feel is the right thing to do but moneybarn are a reputable firm but you will pay extra due to the credit rating.

Paul

My car is 10 years old too and can totally relate to what you're saying. More and more goes wrong and I keep having it fixed, I'm just scared to make that step into the world of finance again.

Hope you get the deal you're looking for and a nice reliable car.

Lesley it took me best part of two years once our IVA ended to take the plunge into the world of car finance again - so I can relate to your fears. However there comes a time when paying out on an old car becomes less and less economical .... we're looking into leasing options once our IVA is removed from our records in September for hubby - at least that way you always have a reliable car and you can include a maintenance payment option so you know you have "free" driving !